The crypto market is green today after a fortnight of intense selling pressure fueled by the FTX implosion. Bitcoin price gained approximately 5 percent on Wednesday to trade around $16,585. The crypto market cap has risen by 6.1 percent in the past 24 hours to approximately $865 billion. Bitcoin price has edged above $16k ahead of the minutes of the Federal Open Market Committee meeting scheduled later today.
However, Bitcoin price is at the precipice of intense volatility as bets on its next move rise. From a technical standpoint, BTC may bounce back above $25k or continue bleeding toward $14k. The tag of war between Bitcoin bulls and bears has seen increased liquidations in the past few weeks.
According to data by Coinglass, over 35,493 crypto traders were liquidated in the past 24 hours. Interestingly, the total crypto liquidations in the past 24 hours stand at $102.76 million, with the most significant single liquidation order happening on Okex – ETH/USDT – valued at approximately $1.81M.
The second largest digital asset by market cap, Ethereum (ETH), traded around $1,175 on Wednesday, up 7.9 percent in the past 24 hours.
Cash inflows toward crypto funds have significantly fluctuated in the past three weeks. Notably, on-chain data from CoinShares shows that some investors bought the FTX dip while others liquidated their positions.
Bitcoin Price From Several Scopes
Popular crypto chartist from Twitter – @el_crypto_prof -thinks Bitcoin price is slated for a major uproar in the coming weeks. Referring to the below chart among other tweets, the Twitter crypto chartist noted that Bitcoin price had obeyed a significant support level in the past five and a half years. With an important bounce back happening on the given trend line, Bitcoin price is trading at crucial crossroads.
The crypto chartist further supported the same arguments with a different indicator to express Bitcoin price is heavily oversold.
Is Bitcoin Bottom Near?
From the above analysis, Bitcoin price has heavily rebounded every time it went out of the green zone. Nonetheless, BTC has continued to dip despite the said indicator rising above the green zone. As such, the crypto chartist concluded that Bitcoin and crypto prices would significantly spike after hitting bottom.
The crypto bear market is headed in its later stages, as per several strategists. As such, long-term holders have increased their appetite for more coins, according to on-chain data.
“We are seeing the percentage of long-term holders peak (1yr HODL Wave), which typically happens in the depths of a bear market as these long-term holders don’t want to take profit until price moves higher,” LookIntoBitcoin creator, Philip Swift, said.